(1):

(v. t.) To make equal return to; to remunerate; to recompense; to give an equivalent to; to requite suitably; as, to compensate a laborer for his work, or a merchant for his losses.

(2):

(v. i.) To make amends; to supply an equivalent; - followed by for; as, nothing can compensate for the loss of reputation.

(3):

(v. t.) To be equivalent in value or effect to; to counterbalance; to make up for; to make amends for.